North America runs on oil, coal, and natural gas. Although a larger share of our needs will be met through increased use of hydro-electricity, wind, solar, nuclear, and other forms of renewable and alternative energy, fossil fuels will continue to play an important role in our nation’s energy mix in the foreseeable future.
Securing that future means finding a secure supply. And one growing solution is the natural bitumen deposits that make up Canada’s oil sands.
In terms of overall oil reserves, Canada’s 174 billion barrels is third only to Saudi Arabia and Venezuela. Oil sands account for over 97 per cent of that vast reserve: 169 billion barrels of oil, with the potential for over 100 years of production.
Long term supply is critical in a world where supply risks are growing, whether due to declining production from a once reliable source, an unstable geo-political climate, or uncertainties in key oil producing regions.
Forty years ago, global oil reserves were largely the domain of the investor-owned international oil companies, based principally in the United States and accounting for 85 per cent of the world’s reserves. Today, 80 per cent of world oil reserves are owned by national oil companies belonging to foreign governments. Of the remaining 20 per cent, Canada accounts for 55% of the reserves available for development.
The sheer size of the Canadian oil sands, located primarily in the province of Alberta, has the potential to signifi cantly enhance North America’s energy security by providing a safe and reliable supply of crude oil and petroleum products. Politically stable, Canada has a reputation for technical and contractual reliability as well as high environmental standards. Canada offers abundant supplies of reliable, affordable energy and the requisite delivery and distribution infrastructure.